Japan Tightens Crypto Regulation

According to a source familiar with the matter, Japan’s financial regulator will require cryptocurrency exchanges to strengthen internal oversight of the so-called “cold wallets” used to store cryptocurrency assets, states Reuters.

Last year registered a tenfold increase of alleged money laundering cases tied to cryptocurrencies in Japan: more than 7,000 cases were reported to the local authorities, comparing to the 669 cases registered in the last nine months of 2017 — since April 2017, when new rules made it compulsory for crypto exchanges to report suspicious transactions.

As it states, Japan’s financial regulator will order the exchanges it deems to have security lapses “to improve their security.”

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